import duties
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Nigeria FG Considers Import Duty Halt on Essential Items Amidst Economic Strain
FG is considering a six-month suspension of import duties on staple food items and drugs to tackle inflation, awaiting President Tinubu's approval. However, this proposal contradicts Tinubu's previous stance on food imports amid Nigeria's food crisis and soaring inflation rates, with rice prices...- Nigeria News
- Article
- 1 min read
- ederal government import duties staple food items suspension vat
- Category: Business
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Nigeria Businesses Brace for Impact as Nigerian Customs Raises Import Duty Exchange Rate to N1,441/$
Nigerian Customs recently upped the import duty exchange rate to N1,441/$1, marking a significant hike from the previous rate. This shift has sent shockwaves through businesses, prompting concerns about increased costs and potential economic repercussions. The Nigerian Customs Service has...- Nigeria News
- Article
- 2 min read
- central bank of nigeria exchange rate import duties inflation nigerian customs
- Category: Business
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Nigeria Nigeria Customs Service Adjusts FX Rate for Import Duties to N1,147/$, Reflecting 7.3% Decrease
Amidst efforts to stabilize the Nigerian economy, the Nigeria Customs Service (NCS) has made a significant adjustment in the foreign exchange (FX) rate for duties, setting it at N1,147.02 per dollar. This marks a notable decrease of 7.3 percent compared to the previous rate of N1,238.1/$...- Nigeria News
- Article
- 1 min read
- fx rate adjustment import duties naira stabilization nigeria customs service trade implications
- Category: Business
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Nigeria Nigerians Credit Peter Obi for Customs Import Duty Policy Shift
In a significant move effective from February 26, 2024, the Central Bank of Nigeria (CBN) has instructed the Nigerian Customs Service (NCS) to base import duty calculations on the foreign exchange (FX) closing rate on the day importers submit 'Form M' for clearing goods. This decision aims to...- Nigeria News
- Article
- 1 min read
- central bank of nigeria customs duty exchange rate form m import duties nigerian customs service
- Category: Politics
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